(b) Money deposited in the county economic development project fund shall be transferred to the following:(1) Forty percent (40%) of the money deposited shall be transferred to the fiscal officer of a city having a population of more than fifty-four thousand (54,000) and less than fifty-eight thousand (58,000).(2) Forty percent (40%) of the money deposited shall be transferred to the county general fund. Money transferred under this subdivision shall be used for the following purposes:(A) The financing, construction, or equipping of a secure detention facility under IC 31-31-8 or IC 31-6-9-5 (repealed).(B) All reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, and supervisory expenses related to the financing, construction, or equipping of a facility described in clause (A).(C) The retiring of any bonds issued, loans obtained, or lease payments incurred under IC 36-1-10 to finance, construct, or equip a facility described in clause of a facility described in clause (A).(C) The retiring of any bonds issued, loans obtained, or lease payments incurred under IC 36-1-10 to finance, construct, or equip a facility described in clause (A).(3) Twenty percent (20%) of the money deposited shall be transferred to the county general fund. Money transferred under this subdivision shall be used for economic development projects in locations other than a city described in subdivision (1).(c) After the retiring of any bonds issued, loans obtained, or lease payments incurred under IC 36-1-10 to finance, construct, or equip a secure detention facility under subsection (b)(2), money deposited in the county economic development project fund shall be transferred to the following:(1) Seventy percent (70%) of the money deposited shall be transferred to the fiscal officer of a city described in subsection (b)(1).(2) Thirty percent (30%) of the money deposited shall be transferred to the county general fund. Money transferred under this subdivision shall be used for economic development projects in locations other than a city described in subsection (b)(1).(d) Money transferred to a city fiscal officer under subsection (b)(1) or his subdivision shall be used for economic development projects in locations other than a city described in subsection (b)(1).(d) Money transferred to a city fiscal officer under subsection (b)(1) or (c)(1) shall be credited to a special account to be known as the city economic development account. Money credited to the account shall be used only for those purposes described in IC 6-3.6-10-2 (local income tax for economic development purposes).As added by P.L.51-1992, SEC.2. Amended by P.L.1-1997, SEC.38; P.L.170-2002, SEC.50; P.L.119-2012, SEC.72; P.L.197-2016, SEC.79; P.L.104-2022, SEC.48.
Indiana Legal Code